piraeus bank group

Monthly Review of the Shipping Industry - March 2015

International award for the Greek “flag” and the value of the Greek-owned merchant fleet
  • The Greek flag is one of the best flags in the world
  • Reduction of 2.2% in 2014 in the number of ships which are registered in Greece, but improvement based on their age
  • The Greek-owned ocean-going fleet has the highest value worldwide
  • Summary of the results of the study on improving of the concept of the motorways of the sea by the Committee on Transport and Tourism of the European Parliament's Directorate General for Internal Policies
  • The deficit in the balance of ships increased by €689.9 mn in 2014 (2014: -1.2% of the GDP, 2013: -0.8% of the GDP) while it contributed to the trade balance deficit (12.1% of the total)
  • The surplus in the maritime transport balance increased by €826 mn during the first three quarters of 2014
  • In 2014 the bank financing of shipping companies reached €13.5 bn (7.5% of GDP)
  • In February the Baltic Dry Index (BDI) reached its lowest levels since its creation
  • One factor which may keep the freight market at low levels is the surplus in ship deliveries / demolitions

Ηλίας Λεκκός

Chief Economist